Diesel Price Surge Hits Food, Shipping as Energy Costs Add Inflation Pressure
The national average rose 60% from a year earlier, and businesses say higher fuel costs are starting to feed into consumer prices.
- AAA reported the national average price of a gallon of Diesel topped $6 for the first time ever on Friday, a Record-high that is up 60% from a year earlier.
- Energy prices spiked following the war with Iran, which prompted closure of the Strait and Hormuz; Saudi Arabia temporarily shut down its East-West oil pipeline after a drone attack.
- Farmers in Texas report rising costs for equipment, while Hormel Foods, Smithfield Foods, and Kroger face mounting pressure; Amazon, UPS, and FedEx have introduced fuel surcharges.
- The economy faces an extra $300 million in Diesel costs every 24 hours, and The Federal Reserve is widely expected to raise interest rates next week to combat inflation.
- President Donald Trump claimed energy prices will tumble, targeting gasoline below $2, but the Energy Information Administration projects retail Diesel will average $4.40 a gallon in 2027.
31 Articles
31 Articles
Record Diesel Prices Stoke Inflation
“The record price of diesel threatens to stoke inflation at a time when consumers are already price-sensitive and businesses are reeling from higher costs due to trade tensions,” Axios reports. “Diesel is a key cost throughout the supply chain, meaning soaring prices could eventually show up in what consumers pay for everything from groceries to […]
Record diesel prices stoke food inflation, transportation costs
The record price of diesel threatens to stoke inflation at a time when consumers are already price-sensitive and businesses are reeling from higher costs due to trade tensions. Why it matters: Diesel is a key cost throughout the supply chain, meaning soaring prices could eventually show up in what consumers pay for everything from groceries to household goods.Driving the news: The national average price of a gallon of diesel topped $6 for the fi…
The American Automobile Association reports record diesel prices. From Poland's perspective, such figures are no longer shocking. Bloomberg points out that diesel is a key factor influencing food prices, transportation costs, and construction costs.
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